The US Plant-Based Meat Market is Anticipated to Reach $5.25 Billion by 2029 - Arizton

According to Arizton’s latest research report, the US plant-based meat market is growing at a CAGR of 15.18% during 2023-2029.

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Report Summary   

Market Size (2029): $5.25 Billion   

Market Size (2023): $2.25 Billion  

CAGR (2023-2029): 15.18%   

Historic Year: 2020-2022  

Base Year: 2023  

Forecast Year: 2024-2029  

Market Segmentation: Product, Meat, Source, Storage, Distribution Channel 

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The US plant-based meat market thrives, driven by health consciousness, environmental sustainability, ethical concerns, and technological advancements. Adopting flexitarian and vegan diets, along with increased product availability and diversity, is fueling significant growth. 

Amy's Kitchen, a leader in organic and vegetarian frozen and canned foods, surveyed over 2,000 Americans to understand the motivations behind the meatless mindset. The survey revealed that while many Americans are interested in vegan foods, parents are particularly intrigued, with 66% expressing curiosity about vegan options. 

Concerns about the environmental impact of meat production, including deforestation and greenhouse gas emissions, along with growing awareness of animal welfare issues, have led consumers to seek cruelty-free alternatives. This has increased the demand for plant-based meats that avoid animal suffering. 

Plant-based meat alternatives are becoming more common on US menus, notably in popular chains like McDonald’s, Burger King, Starbucks, Qdoba, and Dunkin’ Donuts. According to the Good Food Institute (GFI), about 13% of Americans consume plant-based meat at least once a week. Additionally, 12% include plant-based meat in their diet at least once a month, and 11% report eating plant-based meat at least once a year. 

Key Development 

• In 2022, Beyond Meat, a leader in plant-based meat, announced the launch of Beyond SteakTM. This new product aims to offer the juicy, tender, and flavorful experience of seared steak tips while also providing plant-based meat's nutritional and environmental benefits. Beyond Steak will be available nationwide at Kroger and Walmart stores, select Albertsons and Ahold divisions, and other retailers nationwide. 
• In 2021, Beyond Meat and PepsiCo announced the debut of Beyond Meat Jerky, the first product from their joint venture, Planet Partnership. This tasty and convenient plant-based jerky will be available in stores nationwide starting in March. Beyond Meat Jerky provides a flavorful, on-the-go snack option that aligns with Beyond Meat and PepsiCo's commitment to creating products that benefit both people and the planet. 

Plant-Based Beef Market in the US to Capture Largest Share  

The US beef market, valued at $0.99 billion in 2023, is projected to reach $2.18 billion by 2029, with a CAGR of 13.95% during this period. The rising popularity of plant-based beef in the US is driven by consumer preferences for healthier, more sustainable, and ethical food choices. Millennials and Generation Z, who prioritize health, sustainability, and ethical considerations, significantly contribute to this trend. Health-conscious consumers are seeking alternatives to traditional beef with similar taste and texture but lower levels of saturated fat, cholesterol, and calories. Plant-based beef products often contain healthier ingredients, making them popular for those looking to improve their diet without sacrificing flavor. 

Research from Tulane University, supported by the Center for Biological Diversity in August 2023, found that 12% of the US population consumes half of all beef eaten on any given day. Encouraging this segment to switch to plant-based alternatives can significantly boost plant-based beef consumption, promoting better health, environmental sustainability, and ethical eating practices. Companies like Beyond Meat, Impossible Foods, Conagra, Kraft-Heinz, and Abbot’s have gained significant attention and popularity for their plant-based beef products, driving further growth in the market. These vendors offer a range of products, including beef burger patties, crumbles, and sausages. 

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Vendors List 

Key Vendors 

• Beyond Meat 
• Conagra 
• Hungry Planet 
• Impossible Foods 
• Kellanova 
• Maple Leaf Foods 
• Next Level 
• Quorn foods 
• Tofurky 
• Tyson Foods 
• Abbot’s 
• LIVEKINDLY Collective 
• Cargill 
• HILARY’S 
• Kraft-Heinz 
• Nestlé 
• No Evil Foods 
• Rebellyous Foods 
• Daring 
• SIMULATE 
• Before the Butcher 
• Good Catch 
• Lypid 
• MyForest Foods 
• Ocean Hugger Foods 
• Plantcraft 
• Trader Joe's 
• Yves Veggie Cuisine 

Segmentation & Forecast 

• Product Type 
• Burger Patties 
• Sausages 
• Strips & Nuggets 
• Meatballs 
• Others 
• Meat Type 
• Beef 
• Chicken 
• Pork 
• Fish 
• Others 
• Source Type 
• Soy 
• Pea 
• Wheat 
• Others 
• Storage Type 
• Frozen 
• Refrigerated 
• Shelf Stable 
• Distribution Channel Type 
• Supermarkets & Hypermarkets 
• Convenience Stores 
• Specialty Stores 
• Online Channel 
• Others 

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Key Questions Answered in the Report:   

What is the growth rate of the U.S. plant-based meat market? 

How big is the U.S. plant-based meat market? 

What are the key trends in the U.S. plant-based meat market? 

Who are the major players in the U.S. plant-based meat market? 

What is the growth rate of the U.S. plant-based meat market? 

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